Air Canada isn't the only international company to curb operations in Venezuela.

Airlines including Lufthansa, Iberia, Air Europe, Air France, American Airlines and others have reduced flights this year. According to a recent report from daily newspaper Ultimas Noticias, 11 of 26 airlines in Venezuela have at least reduced services, with some using smaller planes.

However, most airlines have cited difficulty exchanging currency through official channels as the main reason for the cutbacks. Under Venezuela's currency control regime, foreign currency can only legally be exchanged for the bolivar through a governmental institution. However, both Venezuelan and international companies have long criticised the system, complaining of transaction delays.